A famous author was once asked how he went bankrupt, his answer was “I went bankrupt slowly and then all of a sudden.”
This is such a great insightful statement about bankruptcy. Typically it is not a process that happens in an instant. It is often preceded by a longer period of time punctuated with events or situations that lead to the opportunity to become insolvent.
It might be the lack of having any sort of savings account or setting money aside and that leads to the inability to meet unexpected expenses. Or it might just be the slow acquisition of small bills that turn into an overwhelming financial burden.
No matter what the building blocks of bankruptcy are for the individual, they rarely do happen all of a sudden.